After touching 4 years low at 373 LOG seems to have bottomed out and on the way to recovery...
On an upmove of 19 on friday it also broke through the major resistance and pivot point of 400 to end the week at 404...
RSI and stochastics both on the daily chart and the 15 min chart suggesting further upmoves...also notice the engulfing upcandle formed on both charts...
Apart from bottoming out and +ve market sentiment, the news of direcor buy and LOG bieng "part of a consortium confirmed as preferred bidder for the £2 billion Skynet 5 contract to develop a satellite communication system for the British armed forces" also helping the recovery of Logica which "is next week expected to lose its place in the FTSE 100 after seeing its market value fall to £1.8 billion"...
If Log can consolidate above 400 and break through resistance which seems to be at 411/2 it looks like current levels might be the bottom of its trading range from now on suggesting an uptrend to around 500...
Will Log manage to make it? Time will tell but both charts and +ve news flow plus market sentiment suggesting there is more to the upside than the downside...
So it's now back on my watchlist as of Monday
Riz
On an upmove of 19 on friday it also broke through the major resistance and pivot point of 400 to end the week at 404...
RSI and stochastics both on the daily chart and the 15 min chart suggesting further upmoves...also notice the engulfing upcandle formed on both charts...
Apart from bottoming out and +ve market sentiment, the news of direcor buy and LOG bieng "part of a consortium confirmed as preferred bidder for the £2 billion Skynet 5 contract to develop a satellite communication system for the British armed forces" also helping the recovery of Logica which "is next week expected to lose its place in the FTSE 100 after seeing its market value fall to £1.8 billion"...
If Log can consolidate above 400 and break through resistance which seems to be at 411/2 it looks like current levels might be the bottom of its trading range from now on suggesting an uptrend to around 500...
Will Log manage to make it? Time will tell but both charts and +ve news flow plus market sentiment suggesting there is more to the upside than the downside...
So it's now back on my watchlist as of Monday
Riz
